Page 3 - Latest Updates on Indirect Tax
50,000 cases to be taken up for GST audit in FY24, says CBIC chairman
Authority's target to be based on risk parameters
 "50,000 cases to be taken up for GST audit in FY24, says CBIC chairman")
Centre to come up with pre-filled GST return forms by year-end: Report
The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices
 "Centre to come up with pre-filled GST return forms by year-end: Report")
CBIC circular on pre-import violation cases
The circular is useful because it applies not only to the parties who litigated on the pre-import issue but also to those who did not do so
 "CBIC circular on pre-import violation cases")
GST and states, a reality check of how indirect tax system is working
Early fears about the regime have not come true, but there is room for improvement
 "GST and states, a reality check of how indirect tax system is working")
Intra-company services by offices registered separately to attract GST: AAR
GST applicable even if employees appointed for firm as a whole, says Tamil Nadu authority
 "Intra-company services by offices registered separately to attract GST: AAR")
CBIC extends interest waiver on customs duty payable via ECL till April 13
In a notification dated April 11, it said the interest on duty payable in respect of goods where payment is to be made from ECL will be exempt till April 13, 2023
 "CBIC extends interest waiver on customs duty payable via ECL till April 13")
GST mop up at all-time high of Rs 18 trillion in FY23, shows data
The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds
 "GST mop up at all-time high of Rs 18 trillion in FY23, shows data")
Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month
With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months
 "Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month")
GST Council will decide on cement tax rate after expert study, says CBIC
NEW DELHI (Reuters) - India's Goods and Services Tax Council will decide whether to cut tax rates on cement after an expert team submits its recommendation, chairperson of the CBIC said on Friday.
 "GST Council will decide on cement tax rate after expert study, says CBIC")
Indirect taxes: Budget proposals aligned with govt's strategic priorities
Budget 2023-24 adopted seven priorities or Saptarishi, one of which is building focus on green growth
 "Indirect taxes: Budget proposals aligned with govt's strategic priorities")
Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation
The target of 5.9% is also likely to be met next year, finally bringing it down to below 4.5% of GDP in the financial year 2025-26
 "Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation")
Budget 2023 aims at providing a stable direct tax regime
At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts
 "Budget 2023 aims at providing a stable direct tax regime")
Budget: Direct, indirect taxes cover 58 paise of every rupee in govt coffer
The government will spend 8 paise out of every rupee on 'other expenditures'
Interest settlement part of indirect tax scheme with some riders: HC
Tax authorities' order not allowing disputes arising out of interest payment for resolution quashed
 "Interest settlement part of indirect tax scheme with some riders: HC")
Rationalisation in long-term capital gains tax structure on the anvil
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit
 "Rationalisation in long-term capital gains tax structure on the anvil")
Removing IPC offences from GST Act will be welcome move: Experts
Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say
 "Removing IPC offences from GST Act will be welcome move: Experts")
Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000
Business Standard brings you the top headlines this hour
 "Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000")
'Not supply': AAR rules out GST on canteen fees, notice period pay
The announcement by the AAR bench came after the clarifications issued by the Central Board of Indirect Taxes and Customs (CBIC) in August
 "'Not supply': AAR rules out GST on canteen fees, notice period pay")
Like imports, exports to soon have a single window clearance system
Several export consignments need to be checked by various regulatory agencies like drug controllers etc, all these will be integrated into the new customs system
 "Like imports, exports to soon have a single window clearance system")
Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR
Vadilal Industries had appealed that the 8 varieties of parathas it makes should all draw the same rate as chapatis
 "Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR")
